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The AUD/USD is hovering around 0.7500 ahead of the US NFP and Caixin Manufacturing PMI

Drake Hampton

Apr 01, 2022 10:07

Tips

  • As investors anticipate the next set of US data, the AUD/USD is hanging around 0.7500.

  • The Caixin manufacturing PMI is expected to keep the Aussie bulls at bay.

  • Despite rising commodity prices, the Australian dollar has been a standout performer.

 

The AUD/USD pair has been trading in a band of 0.7456-0.7537 for the whole week as investors await the publication of US Nonfarm Payrolls and Caixin Manufacturing Purchase Managers Index (PMI) data.

 

The Caixin China Manufacturing PMI preliminary estimate is 49.7 points lower than the previous print of 50.4. Australia, being a big exporter to China, has a favorable association with the data provided above. Following Russia's invasion of Ukraine, the Australian dollar has maintained a top performer in the forex market. Rising commodity prices have supported the antipodean against major currencies. Even a cease-fire between Russia and Ukraine will increase the drive aussie, as Europe's goal of independence from Russian oil will alter its reliance on the commodity-exporting currency for energy.

 

The US dollar index (DXY) has risen above 98.40 on gloomy market mood, as global equities fade amid dwindling hope about Russia-Ukraine peace talks. After being a value bet for market players, the DXY has sensed a sheer response buying near 97.70. Despite a slightly lower Core Personal Consumption Expenditure (PCE) inflation rate of 5.4 percent vs the projection of 5.5 percent, Thursday's data set has given the dollar some support.

 

On Friday, the US docket will announce Nonfarm Payrolls (NFP), which is predicted to be 490k, significantly lower than the previous figure of 678k. This will have a substantial impact on the Federal Reserve's eventual interest rate decision (Fed).


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